Published on Fri, May 21, 2010 at 08:38 | Source : Reuters
Updated at Fri, May 21, 2010 at 08:46
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Global steel output hit record in Jan-April
Global crude steel production jumped by 31.8% year-on-year in the first four months of the year to 467.8 million tonne, figures from the World Steel Association showed on Thursday.
Global crude steel production jumped by 31.8% year-on-year in the first four months of the year to 467.8 million tonne, figures from the World Steel Association showed on Thursday.
Analysts at Credit Suisse said annualised global output rose to 1.48 billion tonne, a new world record that exceeded the previous high in 2007 of 1.33 billion tonne. It was largely driven by China's robust output coupled by improved production in the world excluding China.
Production from China, the world's top consumer and producer of the metal, rose 25.4% to 213.9 million tonne in the January to April period, with output hitting an all-time high in April alone at 55.4 million tonne.
Global crude steel output per day in April was at 4.055 million tonne, up from 3.941 million tonne in April, suggesting producers ramped up output as demand in the industry was recovering more strongly than previously thought.
"We expect this new global high to represent a short term peak in output, given looming third quarter iron ore shortages in China and the traditional summer slowdown," Credit Suisse said.
Output in all major regions were much higher compared with the same period last year, with production in the European Union and North America posting a rise of 44.3% and 58.7% respectively in the first four months of the year.
Strong buying boosted steel prices in Europe and in China until mid-April. Since then, prices have come under pressure as demand from stockists and traders looked saturated.
In April alone, global crude steel output was at 121.7 million tonne, up 35.7% from the same month a year ago.
